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May 11, 2020

10 Reasons to buy PI Insurance

1.Mistakes can happen

Whether you are an IT consultant, software developer, translator or financial adviser, the moment you carry out your professional activity you are exposed to a number of risks. Whilst companies and their staff work hard to give the best advice and service possible to their clients, mistakes can and do happen. And when this occurs it exposes the Company to significant legal costs and compensation claims.

2.Is it obligatory?

It depends on your activity, although for most activities it is optional. However, in the increasingly regulated and litigious world we operate in, most clients are insisting that their professional service providers carry PI cover.

3.Legal Defence

One of the major benefits of PI cover is the legal defence which is included in the event of a client making a claim against you. Legal bills can very easily run into the tens and indeed hundreds of thousands of Euros, and your PI policy will cover these and defend you.

4.Survival of the Company

If a claim is brought against your company for alleged negligent advice or service, having the right PI cover in place can be the difference between survival or potentially going out of business.

5.Affordable

For most activities, premiums are still very competitive, and as the cost of cover is a deductible business expense there is no reason why any Company who is offering advice or providing a service should not have some cover in place.

6.Peace of Mind

Running a business is hard enough in the 21st Century, with the high levels of competition and the ever increasing regulatory environment in which Companies have to operate. Having PI cover in place provides the peace of mind that should something go wrong, there are a team of specialists on hand to deal with the problem, and let you carry on with running your business.

7.Employee mistakes

The need for speed, efficiency and higher levels of productivity means that staff in many companies nowadays operate “flat out”, with the consequent increase in the likelihood that a mistake can be made. PI cover is there to pick up the pieces.

8.Subcontractors

Many PI policies will extend cover to include claims made against the Companies subcontractors whilst they are working on the Companies behalf.

9.Covers claims from services provided in the past

A claim can be made against you or your business for work that was completed in the past. In some cases a PI policy can be arranged in such a way that these past events can be covered.

10.Protects your reputation

If a client accuses your company of negligence or breach of duty, this can in turn be very damaging to your professional reputation. PI cover means you can allow specialists to defend your case and if needs be indemnify whilst protecting your reputation.

If you would like more information about PI Insurance for your business do not hesitate to call 95 288 2273 or email info@opdebeeck-worth.com

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